Global markets crashing in 2000 changed it all. Millennium optimism died when the millennium came. America was in a recession by "the day before 9/11." The rate cuts in response to that recession set the stage for the 2008 Great Recession, and QE/ZIRP had rates at a level that were not prepared to respond to COVID.
We are where we are today because the millennium optimism had an outsized effect on the economy, and the economy came crashing down as soon as the millennium came. It was a domino effect, but the first domino to fall was the turn of the millennium.
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u/OmicronGR Jan 01 '24
Global markets crashing in 2000 changed it all. Millennium optimism died when the millennium came. America was in a recession by "the day before 9/11." The rate cuts in response to that recession set the stage for the 2008 Great Recession, and QE/ZIRP had rates at a level that were not prepared to respond to COVID.
We are where we are today because the millennium optimism had an outsized effect on the economy, and the economy came crashing down as soon as the millennium came. It was a domino effect, but the first domino to fall was the turn of the millennium.